3 Reasons To Consider St Kilda Road

By Peter Kudelka

Prospective home buyers are flocking to St Kilda Road for a lifestyle filled with parks, culture and the buzz of Melbourne atmosphere.

A stone’s throw from Melbourne’s bustling CBD extends a tree-lined boulevard that is fast becoming the hottest address for luxurious living in Melbourne. The St Kilda Road precinct is a coveted property location for captains of the industries, families and established investors alike, with new high-end developments attracting owner occupiers with an eye for quality living spaces and living environments.

With convenient connectivity to transport options, the CBD, thriving parklands and cultural attractions prospective home buyers are flocking towards St Kilda Road for a lifestyle filled with parks, culture and the buzz of Melbourne’s atmosphere. A short tram-ride from the hustle and bustle of the city, but surrounded by stunning parks that add a quiet quality to the location, this unique spot has the best of both worlds.

Here are three great reasons you should consider trading your suburban lifestyle for urban living on St Kilda Road.

1. Look for luxury in the best location

Whilst St Kilda Road’s burgeoning expanse caters to a range of price points and preferences, there is one offering it excels at: luxury. In the past, apartment dwellers might have felt they were sacrificing comfort for location, but the new crop of luxurious apartment developments have flipped this on its head.

Low-maintenance, high-end apartments at the forefront of architecture, aesthetics and amenities increasingly line the precinct in response to demand for apartments that allow residents to downsize without compromising on design, quality and comfort.

2. Space and connectivity are calling

Most city-fringe suburbs have sacrificed space for location, but St Kilda Road has managed to retain spaciousness despite its density. The tree-lined streets and paths are wide, the apartments larger than average, and sprawling green space – including the world-renowned Royal Botanic Gardens – occupies a staggering 266 hectares.

St Kilda Road offers unrivalled proximity to the most sought-after amenities, including the Alfred Hospital and many of Melbourne’s leading schools. The boulevard boasts direct access to Melbourne’s business and financial core, where 29% of Australia’s Top 100 companies house their headquarters.

Residents of St Kilda Road abide at the heart of Melbourne’s historic, artistic, sporting and retail milieus – within walking distance of the National Gallery of Victoria, Albert Park Lake and Golf Course, Sidney Myer Music Bowl, South Melbourne Market, the MCG, and Rod Laver Arena. With easy access to major freeways as well as the Domain Interchange tram junction – which is also the site for the new metro rail stop set to commence construction in 2018 – St Kilda Road remains one of Melbourne’s best connected streets and is one of the two main thoroughfares into the Melbourne CBD.

3. Make a solid investment

St Kilda Road is at the heart of Australia’s fastest growing state. Ranked as the World’s Most Liveable City for the sixth consecutive year, Melbourne is projected to outgrow Sydney by 2053, making it Australia’s largest metropole. With demand for inner-city living already driving up premiums on the north end of St Kilda Road, now is the perfect time to enter the market.

Demand for inner-city apartments have driven the median apartment price for the St Kilda Road precinct up by 12.2% to $620,000 in the last year – significantly higher growth than Melbourne’s 7.9% – and this demand is not projected to dwindle either. If you’re looking for a home that is also a solid investment, the median weekly rental prices for the area are on the up with one, two and three-bedroom units growing at an annualized rate of 3.1%, 4% and 4.2% respectively.

The availability of two-bedroom apartments (50%) far outweighs one-bedroom offerings (29%), and park-front residences command approximately 25% more premium, confirming demand for prime views as well as amenities. While 61% of St Kilda Road residents are aged between 25-61, a growing number of owner-occupiers are trading in their suburban family home to take part in the urban lifestyle.

If you’re considering a move into the city that doesn’t revoke the personalised, integrated suburban experiences you’ve come to appreciate, it’s time to consider St Kilda Road.